INVESTING: DIARY; S.E.C. Inspection Finds Amex Rules Lack Teeth

The American Stock Exchange has listed many companies that do not meet its requirements, and it has not adequately informed investors about these companies' problems, according to the Securities and Exchange Commission.

''Amex clearly has failed to adequately carry out its responsibilities,'' said Representative John D. Dingell, Democrat of Michigan, who released a report last week by the General Accounting Office that summarized the findings of an S.E.C. inspection of the Amex.

About 10 percent of the 704 companies listed by the Amex on July 31 did not meet the exchange's own standards, the report said.

The recommendations, which must be approved by the commission, include public disclosure of listed companies that do not meet Amex standards and limits on the time that such companies can remain on the stock exchange.

The exchange's rules say companies must maintain a minimum $3 share price and minimum stockholder equity of $4 million, but these requirements have been waived by Amex executives.

In a letter included in the report, the commission said it was pleased with the proposed changes. Amex, which is owned by the the National Association of Securities Dealers, lists about 700 small and midsize companies. Jeff Sommer